Since I still live with my parents I've been saving money for a while. All these savings amount to around 15 months of my current salary.
Now I need a car.
Cars are pretty expensive. I don't want to buy a used car and be stuck with mechanical problems to be fixed every now and then. That costs money.
So I decided to go for a new car.
The car I want to buy would cost 75% of my current savings.
Would you purchase a car in that manner?
The other option is monthly installments which would lower my monthly savings to pay for the car loan.
What do you think would be money wise here?
My wage is around £800 and cars costing £800 where I live are just plain garbage (wires are hanging out and all) A decent cheap (likeable or not) car starts around £3000.. Those are actual numbers; I just used internet currency converter
It took 2 years to gather my savings
I don't think I'll be living with my parents in 5 years (maybe in 1 or 1 and half years moving out will become an idea to think about)
If I save money to the same rate till the end of this year, I will have enough savings to buy an economic house or enough down payment to buy for a midlevel standing apartment/house
Since it was asked several times in the comments, let me say that: I'm from Africa (West Africa). I was hopping more for common sense and money wise like answers. I got a lot more valuable answers/comments than I expected. You guys are awesome. It'll take me a little more time than I thought to read all these. Feel free though to take into account this location in you answers/comments